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Report No. 11

73. Section 25.-

In section 25, we have substituted the words "succeeding business day" for "next preceding business day". Section 10 of the General Clauses Act (X of 1897) provides that where a law requires something to be done in any office on or within a certain day on which the office happens to be closed, the Act may be considered as duly done if it is done on the next day on which the office is open. Section 25 of the Negotiable Instruments Act which lays down a contrary rule for commercial transactions, causes inconvenience to the business people and all the Chambers of Commerce have urged the change we have proposed. It is to be noted that the Geneva Convention has also adopted the "succeeding business day" rule.

Negotiable Instruments Act, 1881 Back

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